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Sunday, April 14, 2024

Genworth Accused of Wrongly Terminating Life Insurance policies

The lead plaintiff in a California state courtroom class-action lawsuit has accused Genworth’s Genworth Life and Annuity Insurance coverage Co. of terminating a whole lot of life insurance coverage insurance policies with out lawful reminders and allegedly disregarding the grace interval provisions required by state regulation.

In a criticism filed Feb. 28, the lead plaintiff, James Fox, on behalf of a others equally located, alleges that Genworth has knowingly and systemically terminated life insurance coverage insurance policies held by clients since 2013.

The lawsuit, filed in California Superior Courtroom for the County of Sacramento, referred to California insurance coverage regulation provisions that require life insurers to adjust to a 60-day grace interval and supply correct discover earlier than terminating a coverage for nonpayment of premiums.

“Since Jan. 1, 2013, Genworth has turn into conscious of its failures and has didn’t take the suitable corrective motion,” the criticism stated. “As an alternative, Genworth seems to have doubled down and made the choice to disregard the regulation, ignore courtroom rulings, and cope with the occasional criticism with out regard to its obligation to use these guidelines correctly and utterly to all of its diversified life insurance coverage merchandise utilized on this state.”

The plaintiffs say they’ve been pressured into pointless reinstatements, and in lots of cases, they’ve “misplaced all affordable entry to any insurance coverage in any respect” on account of Genworth’s actions. Plaintiffs are nonetheless allegedly paying inflated premiums and the reinstatements diminish the worth of their insurance policies, in accordance with the criticism.

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